German ZF, one of the largest in the automotive industry, must find DKK 44 billion over the next 5 years, will cut 14,000 jobs in Germany.
German ZF urgently needs money. The company must find DKK 44 billion in savings within the next five years.
Boosted has previously said that the huge savings plan will mean layoffs. At the time in February, however, it was still unclear how many layoffs were involved.
We know that now. For ZF, which i.a. makes a living by manufacturing gearboxes, wants to get rid of 14,000 of its employees in Germany.
This is written by Automobilwoche .
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In total, ZF, whose full name is ZF Friedrichshafen AG, has 54,000 employees. And it is 14,000 of them that the company management wants to get rid of before 2026.
The announcement arouses concern among the union-elected shop stewards in the so-called collaboration council, which is a link between the employees and the management.
– This announcement raises concerns when we actually need full commitment to deliver to customers, manage the recession and the transformation, says Achim Dietrich, chairman of the council.
And the criticism does not end here. Because at the trade union IG Metall in Bavaria, responsibility for the lack of DKK 44 billion in the coffers is placed directly on the management.
– The company's management has put ZF in a difficult position through strategic misjudgments and failed financing models when billions have been acquired.
– Employees should hold their heads high in connection with these fatal management errors. We will defend ourselves against that, says IG Metall district manager Horst Ott.
According to the managing director of ZF, Holger Klein, who took up his position in July 2022, the company owes about 10.5 billion euros. This corresponds to almost 79 billion Danish kroner.
All in all, the car industry is a bloodbath of austerity plans at the moment. Also here at home, where dealers are being fired left and right. Some car brands have even disappeared from entire parts of the country. Read more about it here .
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